• Register
Return to: Home > News > Assurance and Accounting > The UK becomes the 20th country to exchange tax reports with the USA

The UK becomes the 20th country to exchange tax reports with the USA

The UK and USA governments have agreed to exchange tax information from multinational enterprises in country by country reports (CBCR).

The reports from companies with at least $850m in revenue filed with the USA’s Internal Revenue Service (IRS) will be exchanged with the UK’s Her Majesty’s Revenue and Customs (HMRC), and vice versa for UK multinational groups with at least €750m (USD $902.3m). This is under the condition that the multinational is a resident for tax purposes or has a permanent establishment in the UK or USA.

The entity reports aggregate profit or loss before income tax, income tax paid, capital for each constituent entity, accumulated earnings, total full time employees and net value of tangible assets. They must file for each tax jurisdiction where at least one constituent entity resides.

Other countries that have CBCR exchange agreements with the USA include; Australia, Belgium, Brazil, Canada, Denmark, Estonia, Guernsey, Iceland, Ireland, the Isle of Man, Jamaica, Latvia, Malta, the Netherlands, New Zealand, Norway, Slovakia, South Africa, and South Korea.

Top Content

    Time pressure: Facing up to mental health

    In an ‘always on’ culture, it is becoming increasingly difficult to manage a healthy work-life balance. While companies are beginning to address this problem by introducing different support systems, Joe Pickard finds more could be done to ensure the wellbeing of the professions workforce.

    read more

    Venezuela: the race for the dollar

    With a new currency following hyperinflation, large sections of the population emigrating to neighbouring countries, an economy on the brink of collapse and no apparent solution coming from the government, Jonathan Minter finds a profession struggling to stay afloat in Venezuela.

    read more

    Brazil: transparency and control

    Brazilian accountants have an optimistic view of the impact of more-regular reporting and the implications of audit controversies for the profession. Paul Golden reports.

    read more

    Argentina: looking for a clearer view

    The Argentine accounting profession continues to grapple with the impacts of a weak economy and a culture of financial corruption. Paul Golden takes a closer look.

    read more

    Blockchain: adapting to disruptive tech

    In the relatively few years since digital currencies first began using blockchain technology, the array of potential applications has grown significantly – and continues to expand. Dan Balla, Matthew Schell and Dave Uhryniak from Crowe look at how it impacts accountancy.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.